We have been using PHP List for several years and recently upgraded to the current version 2.10.2 We use our own graphics template for our newsletter, there were a few bugs some hotmail and Thunderbird email users couldn't see graphics. We fix that and now everything is ok. Our webmaster did all the work and upgrading for free.
The newsletter seems to go out faster with the new version. We like the new editor, we still write our newsletter offline and paste it in the editor with no problems.
Bottom line PHP List V2.10.2 (free) is a great mailing list product for our subscribers.
Our website: Gay West Community Network. A centre serving the queer Community in Toronto, Ontario Canada since 2001. We get 90,000 visitors a day to our site.
http://gaywest.905host.net/